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Jul 21, 2011 2:30pm PDT
lifeline for greece's debt ridden economy. paying a heavy price in libya. rebel forces are keeping up the fight, but now it is losing their commanders are trying to prevent. >> having fired the imagination of a generation, its place in history is secure. the space shuttle pours into -- pulls into port for the last time. >> the shuttle atlantis touches down for a final time. welcome to our viewers in -- on pbs in america. after frantic emergency meetings in brussels, eurozone leaders have just announced a second rescue package for the greek economy. but economic woes stretch much further than greece. the very stability of the euro is being called into question. for answers, we could go to the bbc correspondent in brussels. james, what exactly has been agreed? >> the leaders of the eurozone believe they have turned the corner tonight and have put in place what they believe is a credible rescue package for greece, and also won the believe will strengthen vulnerable economies and the entire euro project. in greece, with private sector involvement, they believe they have substantially redu
Jul 22, 2011 12:30am PDT
'm in singapore. the headlines this hour, arwin $150 billion for greece, but will it be enough to save the euro? the u.n. and ounces of emergency drops. and hillary clinton joined the quest to move forward on tough security issues. and the artist lucian freud has died. it is 11:00 a.m. in singapore and 4:00 a.m. in london, broadcasting to view -- viewers on pbs in america and around the world. this is "neuza de." -- "newsday." >> hello and welcome. of leaders of the 17 countries which use the euro have agreed to a second bailout for greece and preventive measures to prevent the debt crisis from spreading. the greek package will be worth an estimated $150 billion. and there will be billions more from private investors, such as banks. from brussels, gavin reports. >> nearly 10 years ago, the bureau has -- had been launched to a fanfare of celebration. it is now facing its greatest task. and today, europe's leaders came up with an historic package designed to draw a line under the greek debt crisis. the french president and the german chancellor pushed through a rescue plan for greece that amount
Jul 21, 2011 6:00pm PDT
be improved. >> first, greece must rein in their public sector debt or be given more time to pay it back. for that to happen, private creditors would have to swap their greek bonds for longer- term ones. another option for the greek prime minister are euro bonds. the european union could issue them to greece at lower borrowing rates. one of the backers is the chief -- >> the options considered on not worlds apart. >> the bonds could mean a higher burden for germany, something that berlin is not keen to consider. >> for more on what the leaders have agreed on has been filtering out. stephen castle told us what he had been hearing. >> there are drafts of a statement circulating here and we are getting quite close to some kind of deal. they actually don't have very many figures in them. we don't know the details. the broad outline is clear. there will be a second bailout for greece. there will be a lot of help for the greeks dealing with the burden of debt. the private sector will be involved. we are not expecting to get all of the details on how the private sector will be involved but it i
Jul 22, 2011 1:00am PDT
-moving palg package for greece approved on thursday by the euro teen leaders. it also lowers interest rates and extends payback times for existing loans. of course we'll have much more coming up on "world business today" in just a moment. >>> a building on fire. the person who videotaped the scenes says the bodies of women and children are inside. they say armed thugs and syrian tanks are randomly shooting and wrecking property. at least ten people were killed on thursday as security forces attempted to crush protests. >> two "news of the world" executives are disputing rue put murdock's testimony. they say murdoch misled the committee last week when he said he was not i ware that the hacking went beyond an e-mail. >>> the steamy heat that's been roasting the midwest, u.s., is now heading to the east coast. some 60 temperature records were shattered on saturday. they blame the heat for at least two deaths. in minneapolis the marquis reads we have air conditioning. who cares what's playing. those are the headlines from cnn, the world's news leader. i'm monita rajpal. "world business today" s
Jul 12, 2011 4:00pm PDT
ministers to discuss a second bailout of greece. >> europe's debt crisis spread dangerously far today to the third and biggest economy in the bureau's own. the interest rates and charges to borrow money have been rising. spain also faced similar pressure. two huge economies being rattled by the greek debt crisis. they gathered, not to officially discuss in italy. there used to be an assumption that this bank a country uses a euro, when lending to that country is safe. they are worried that they might not care about all of the money that they lent to greece. they might be rethinking the way they lend to countries that are heavily in debt. >> sorting of greece is crucial. finance minister say that they have now agreed to work quickly on a second bailout for greece. they said that they would increase the size of the rescue mission -- rescue mechanism currently in place. >> we have made significant progress yesterday. i am certain that shortly we will be able to present the concrete proposals so that we cannot take concrete decisions. >> that is an admission of how much working to be done
Jul 21, 2011 4:00pm PDT
greece return to stability to trigger a return to controllable that. >> van that had shot up to 350 billion despite being bailed out last year. leaders insisted that what they were doing for greece was a one off. what is in the deal? interest will be reduced. private investors will take over some of the costs of the bailout. and there will be a european monetary fund to help banks or countries in trouble. the french president stressed that in order for this to work, the debts have to come down what we are doing for greece we will do for no other country. what is at stake here is a contagion. a controversial part in all of this is the involvement of private investors for banks. they are expected to contribute around 37 billion. as a result, rating agencies could declare greece to be in default. the focus will fall on greece. >> we now have a program and a package of decisions that create a sustainable path for greece, a sustainable that management >> and that is the question. it has threatened to the currency. >> i am joined from manhattan now. staff writer. thank you for being with
Jul 22, 2011 6:00pm PDT
on a second bailout package for greece after hours of negotiations at an emergency summit. she pledged that germany was stand by greece and urged german companies to invest in the company to help -- in the country to help recover. >> angela merkel was keen to paint the outcome of the summit as a personal success. this countered criticism that she was slow and unwilling to react to the debt crisis. >> i had a clear sense of what you're should do so that people can continue to live and prosperity. >> insist that the growth must be geared towards the more robust economies. she defended fresh emergency loans for greece, in the rescue of the euro a historical task. >> everything we do will come back in multiple ways. this is good for us and it is part of the economic success. >> for now, the taxpayer will have to shoulder a 109 billion euro burden. private investors including banks and pension funds will be involved in the bailout contributing nearly 50 billion euros. >> angela merkel stressed she would not let europe become a union in which wealth was transferred from rich to poor states.
Jul 21, 2011 6:00pm PDT
agreed to the terms of a second bailout plan for greece. the greek rescue package will be worth more than $150 billion and there will be billions more from private investors such as banks. >> nearly 10 years ago, the euro had been lost to a fanfare of celebration. they are now facing the greatest test. the leaders came up with a historic package designed to draw a line under the greek debt crisis. the french president and the german chancellor pushed through a rescue plan which amounted to nearly 110 billion euros. the deal not only covers short- term funding but is intended to cover the debt burden. >> i have made it clear that today is not someone standing up and waving a magic wand but it is helping greece return to the path to understand the process. i am confident that we can succeed. >> the problem facing the summit was that the debts had shot up to 350 billion euros. the european leaders this is the that what they were doing for greece was a one-off. what is in the deal? interest on existing loans will be reduced. private investors will take on some of the costs of the bailout and
Jul 12, 2011 2:30pm PDT
to reach agreement over a second bailout for greece. from brussels, matthew price reports. >> europe's debt crisis spread to the third-biggest economy in the euro zone, italy. the interest rates have been rising sharply. let's hope we do not end up like agrees, this man said. spain faced similar pressure -- like greece, this man said. spain faced similar pressure. in brussels, the european finance ministers gathered, not to discuss italy officially. there used to be an assumption that if the country uses the hero, lending money to the country was basically -- euro, lending money to the country was basically safe. the great crisis has now changed that -- greek crisis has now changed that and they are rethinking the terms by which they lent to other countries that are heavily in debt. that is why interest rates to italy and other countries are currently going up. sorting out greece is crucial. finance ministers have agreed to work quickly on a second bailout for greece. they said it would increase the size of the rest the mechanism currently in place -- they would increase the size of the res
Jul 11, 2011 6:00pm PDT
. eurozone finance ministers have been discussing options for resolving recent ongoing -- greece's ongoing debt crisis as a u.s. rating agencies claim there's no threat of default in the eurozone goes the third largest economy, italy. angela merkel called on the parliament in rome to respond by approving spending cuts, but so far, the italian government and lawmakers have yet to agree on a common way forward. suddenly, this man is in the sights of the markets. the italian finance minister. he has long been seen as an anchor of stability in the government, but a corruption scandal around a close adviser and disputes with cabinet colleagues have thrown his future in doubt. now investors are worried his latest austerity plan will not get through parliament, and those worries are driving up italy's borrowing costs. berlin is trying to calm things down. >> i have great confidence that the italian government will pass the budget. i spoke about parsley -- precisely that with the italian minister on the telephone yesterday. it will make it clear that italy is committed to consolidation and tacklin
Jul 20, 2011 6:07pm EDT
a sharp warning there may be- consequences if a response is not taken. >> greece and its debts are hanging over the eurozone, a country without growth and any economy tarnished. even president obama has been piling on pressure to find a solution, so tomorrow's summit is regarded as crunch time. >> nobody should be under any illusion. the situation is very serious. it requires a response. otherwise,-response will be felt in europe and beyond. >> president sarkozy met to talk with angela merkel. they are the big piece of the eurozone, but they have struggled to agree. they have wrestled with two challenges. greece needs new funding of well over 110 billion euros. the first rescue last year only increase in debt to 350 billion heroes. that is heading to an extraordinary 170% of gdp. the leaders are likely to agree to make greece cost debt more bearable, but angela merkel is under pressure not to bankroll greece further. wexne>> the rating goes the wayo save countries that pencan be saved. >> increase, another violent protests. it is precisely what irritates german taxpayers, so the german cha
Jul 18, 2011 6:30pm PDT
", meaning "one who manages a household" yet modern greece is seen as the complete opposite, a country whose financial house is far from in order, a situation that has far reaching implications. >>reporter: nick demos and mary vassilaki are at home helping their children with homework. both parents have seen their salaries slashed by 30 percent over the past 2 years. it's had a huge impact ontheir standard of living and, they feel, their children's future. >>i am telling them that my salary has been decreased twice this year. i am anxious about their extra classes, their sports activities which they love. but i am not sure that they can go on with those." >>reporter: it's not just this family feeling the pinch - the entire greek economy has been contracting for 2 years, and will fall by a further 3.5 percent this year. overall unemployment is 16 percent - 42 percent for the young. >>reporter: many greeks blame poor government and the situation has prompted fury on the streets of athens... >>there should be 300 gallows build outside the parliament and we should hang all of them and their fami
Jul 16, 2011 11:00pm EDT
is in greece tonight and is scheduled to meet with the greece president and prime minister. their discussions are expected to focus on greece's current economic crisis. the european union is working on a new bailout package to help greece avoid an economic default. >>> president obama met with the dalai lama today. he held a 45-minute private session with the tibetan spiritual leader at the white house today. hours earlier, the chinese mourn ministry condemned the visit calls on the u.s. to honor the commitment to recognizing tibet as part of china. the dalai lama is in d.c. for an 11-day buddhist ritual. >>> and there is one more day to check out the d.c. summer carnival where more than 100 rides for people of all ages and get some of your favorite carnival foods like funnel cake, cotton candy and orioles. and that is at the rfk stadium festival groups they open from noon to midnight and tomorrow, by the way s the last day. >>> an unforgettable maryland monroe moment in an unforgettable new life. the chicago statute is turning more than a few heads. >>> and we're talking about heat. it's hea
Jul 21, 2011 1:00am PDT
pressure to finalize a second bailout for greece and keep the debt crisis from spreading to other economies. france and germany have reached an agreement on terms of a deal which they will be presentinglating today. >>> the united nations has declared a famine in parts of somalia. nearly 4 million people, half of the population, are affected by the crisis, by drought, poverty and violence. half of the camps are fled to ethiopia and kenya. >>> a man who was accused of strangling a woman, has been sent to prison. her killer went to extraordinary lengths to avoid arrest for more than two years, altering his face through cosmetic surgery. >>> the space shuttle "atlantis" is about two hours from landing at the kennedy space station. the crew will fire the engines to re-enter the atmosphere and end america's 30-year shuttle program. those are the headlines from cnn. i'm monita rajpal. "world business today" starts right now. >> a warm welcome to "world business today." >> these are the top stories on thursday, july 21st. nickly sarkozy and angela merkel see eye-to-eye ahead of debt crisis talks i
Jul 12, 2011 6:00pm PDT
concerned about its illegal and that it could follow greece and portugal. and that itliy could follow greece and portugal. >> the third biggest economy and address them, -- in the euro z one, italy. >> let's hope we do not end up like greece, this man said. in brussels, europe's finance ministers gathered. there used to be an assumption that if a country uses the zero, lending money to that country is safe. the greek debt crisis has changed all of that. many international investors are worried they may not get back all of the money they lent to grace. by extension, they are rethinking the terms on which they've been lent money to other euro countries that are heavily in debt. that is why the interest rate payments to its lead -- italy and others are going up. finance ministers said they have now agreed to work quickly on a second bailout for greece. they also said they will increase the size of the rescue mechanism currently in place and adjust the terms of eu loans to make it cheaper for them to pay off their debts. there are serious disagreements within europe about how to help greece and
Jul 1, 2011 5:00am EDT
are falling big business stories today. 17 e.u. finance ministers went, whew -- we have some time. >> greece lived through with their promise that they would pass austerity measures. the eu finance ministers will be discussing the next bailout. this tide's greece over. they are held over until september. the next big bailout will carry them through until 2014. greece cannot return to the money market. the amount of interest to investors are demanding on greek that is unsustainable for greece. we have been saying this all this week. at the end of the day, this is just buying time for the european union to shore up its own family, to shore up the banking system within europe, recapitalize those banks so if greece goes down the default path, they can do it with structure. >> south korea. >> trade kicks off today. this is the first free trade for the you. it is important for both sides. we are talking about $1 billion between -- trade between the two. this is what happens when you sign a free-trade agreement. for the eu, it opens up south korea in terms of regulation. it will be beneficial for y
Jul 1, 2011 8:00pm PDT
and where will it lead? while in greece protests over drastic measures to keep that country solvent. is there a ripple effect for the global economy? the republicans have a new candidate for president. >> together we can make a better america if we stick together. together we can bring the promise of the future. >> account tea party favorite run toe to toe with the other contenders? and the roberts court concludes its term with a major first amendment ruling. we wrap up the session, the first for the court's newest justice. covering the week, major garrett of national "journal." david wessel of the "wall street journal." >> award winning reporting and analysis, covering history as it happens. from our nation's capital, this is "washington week" with gwen ifill. produced in association with national journal. corporate funding for "washington week" is provided by -- >> we know why we're here. >> to give our war fighters every advantage. >> to deliver technologies that anticipate the future today. >> and help protect america everywhere, from the battle space to cyberspace. >> around th
Jul 3, 2011 4:00pm PDT
.s. economy? >> it's going to depend to a very large extent on what happens to greece. it's very evident to anybody who looks at the data that the major force that has been driving our economy indirectly through the financial markets is greece. europe runs into trouble because of greece, it's going to hit us two ways. one, the basic commitment that we have to europe, and the usual financial flows, but in addition, it's going to affect the whole structure of profitability in the united states because we can't afford a significant drop in all foreign affiliate earnings in europe coming down significantly. >> that's a great analysis to make. can you explain to us what is behind this optimism around this greek bailout? because we have seen money being given to greece so that greece can pay its bills until july 30th. aren't we continuing to deal with this issue over the coming months and coming months? isn't a default basically a given? >> there is only two possible givens. either there is a greek default or there is a fiscal consolidation of the 17 countries of the eurozone. i find that unli
Jul 13, 2011 12:30am PDT
could follow greece and portugal and struggling to deal with this public debt. as matthew price reports from brussels. >> europe's debt crisis spreads dangerously far today to delete. there the interest rates have been rising sharply. let's hope we don't end up like greece, this man said. spain also faced a similar pressure, two huge economies have been rattled by the greek debt crisis. europe's finance ministers gathered. it really overshadowed the meeting. >> there used to be an assumption that if a country uses the euro, lending money is basically say. the greek debt crisis has changed all that. many international investors are worried that they might not be able to get back all of the money they lent to greece. by extension, they are rethinking the terms they lent to other euro countries that are in debt. that is why the interest rate payments for italy and others are going up. sorting out greece is crucial. finance ministers from the eurozone say they have agreed to work quickly on a second bailout for greece. they also said they would increase the size of the rescue mechanism curr
Jul 21, 2011 7:00am EDT
which has snowballed across greece, ireland, and portugal. the challenge is preventing the prices from pitting spain and italy, which could reach critical levels. chris morris reports. >> for the past year, whenever european leaders have met, there has been one issue at the top of the agenda again and again. trying to fix the euro. the survival of the single currency has been called into question. there are increasingly urgent appeals for euro zone leaders to act decisively. >> they have said they will do what it takes to ensure the stability of their area. now is the time to make good on that promise. >> all eyes on the biggest countries. france and germany. how much more will they deal to help solve the debt crisis? and getting all parties to an agreement on making private shareholders like banks pay their own share. the three countries have already been billed out. greece, ireland, and portico. now greece needs a second bailout. if a deal cannot be agreed, it appears the debt crisis could spread to big economies like spain and italy. that could be catastrophic. that's why clarity is
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Jul 16, 2011 8:30am PDT
800-my-coverage or visit still on the brink. greece may be days away from needing a hand out and using your tax dollars. john, you say that is it. not another dime. >> what are the morons in dc doing? nfl and bunch of football players will work out their problems before the leaders in dc. we could be on at hook for 108 billion through the ims for greece. i am not for bail outs. if you are going to bail out somebody bail out california. which is more important to our country. >> wayne, 157 billion to greece . a big chunk coming from the united states. >> folks in america could do manage better than the money. >> i think we have to support the ims. it is what is left over, and by the way which is never accounted for. tiny tim, secretary of the treasury is supposed to account. he never made a report or told us where the money is going . he is a moron of sorts. i agree with john. >> tine i tim? >> and wise words from wane. we have to support the imf. and clearly with the global economic crisis and all of our economic interest that are tied up. we can't say we pulled ou
Jun 30, 2011 6:00pm PDT
the nuclear energy and boost renewals. stay tuned. turning our attention to greece, they have been faced with many challenges this week despite vehement opposition from the general public. they voted to implement a five- year package of ausrity measures which includes tax hikes, spending cuts, and privatization leading to a total of 70,000 euros. athens should be able to receive more aid from the european union as well as the interernatial monetary fund. >> the bill was passed by a narrow margin. 155 of 300 lawmakersrs voted for the lot this -- for the legislation. the package of legislation is needed to allow the austerity measasures approved to be implemented. the parliament debated the legislation for hours before the vote which was the final legislative hurdle for greececeo receive the installment of bailout funds. the austerity package is controversial among ordinary greeks. they have faced one round of spending cuts. reaction to this package is mixed. >> you had priorities and decide what cuts would be the most useful. you can see that as you go along. >> i have not cut back on any
Jul 4, 2011 7:00pm PDT
at the latest in business news. you have the latest on greece? >> right, i do, katherine. concerns still lingering over greece despite the latest bailout plans. a major u.s. credit rating agency says last month's proposals by the french treasury and banks to rescue greece could amount to a partial default. on monday, standard & poor says the plan could lead to a selective default. the french plan says the country's institutions will relend 70% of the loans they hold in the form of newly issued 30-year greek government bonds. the agency says the proposal may result in investors receiving less than the promised value of the original securities. last week, 17 ministers approved extra loans for greece. and now let's get a check on the markets. u.s. markets were closed for a public holiday on monday, july h, with few directions for markets to go on. for the latest in tokyo trading this tuesday morning, let's cross over now to the tokyo stock exchange. how did stocks kick off over there? >> starting out in the positive, but just now dipping into the negative ever so sliegly. not a massive move
Jul 25, 2011 6:00pm PDT
greece's credit standing again. it says greece will almost certainly default. the people of greece have been granted a breather by the bailout -- bailout plan approved last week. moody's also says it is virtually certain the country will experience a selective default once private banks and other investors begin to roll over their greek bonds for lower interest rates and longer maturity. . the bank of ireland has avoided naturalization. private investors have agreed to buy over a billion shares in the bank of ireland to keep the largest lender out of majority state ownership. dublin currently owns 36% of the bank, but has been talking to investors about reducing its stake from 16% to 32%. they said this was tangible proof of growing confidence in the future prospects of the bank of ireland and the irish economy. global shares slipped on monday after moody's downgraded great that again, and also amidst a growing concern of a u.s. default. this report is from today's trading in frankfurt. >> at the stock market, the attention shifted from one debt crisis to another. this put pressure on t
Jun 30, 2011 6:00pm PDT
austerity measures as we report from athens. >> the final vote that fesm saved greece from default -- effectively saved greece from default was passed by a majority of 155 members of parliament said yes. there was a resounding silence from the streets. the demonstrators who caused such mayhem on wednesday knew that this was little more than a rubber stamping. and stayed away from constitution square. this procedural vote now means that greece has done as it was told by the european union and international monetary fund. in return, it will receive $17 billion in mid july, and will be able to pay its bills. what the new law authorizes is this -- greece will sell off $72 billion of state assets over the next four years. it will cut government spending by $40 billion over the next five years. 150,000 public sector jobs will be cut by 2015. more people will be forced to pay income tax, and in a could bring in an extra $3.3 billion alone. saving greece from defaulting may have cheered politicians in euro zone capitals, but it has depressed many athansians. >> it will only make the situat
Jul 25, 2011 8:30pm EDT
circles in greece as well. i'd also like to recognize the ambassador of greece with whom we worked to put this program together. and without further adieu, i would like to recognize, introduce and look forward to hearing vice president and minister venizelos. [applause] >> good evening. thank you very much for this very warm introduction. thank you very much for the invitation. it's a great honor for me me to be here in this very famous and prestigious institute. it's a great opportunity for me on behalf of the greek government to present the last events on eurozone and in my own country. ladies and gentlemen, greece is at the center of the last three years. this financial situation coupled with the fact that the greek crisis developed within the eurozone, within the zone with a strong currency and a very sack factory macroeconomic and fiscal performance overall. however, while eurozone's performance thus far as the public debt, the budget deficit, the trade balance, the rates and inflation and unemployment does not strong and lasting challenge, the controversy exists in particular, the e
Jul 11, 2011 4:00am EDT
're trying to keep greece on tack. their grossing fears of the debt contagion is affecting italy. >> before all of that, let's take you to the stock markets and the aftershocks from friday's dismal stock report. only 18,000 jobs had been added in jeune in the u.s., much lower than expected. so unemployment ticked up 209.2% in the united states and it was a similar scene in europe where the markets opened down. charles, where do things stand at the moment. >> well, we're one hour into trading and we're looking at losses, big concerns over the solver debt crisis. report in a german newspaper is speculating that england may have to be included the bailout. so the european debt crisis is extending beyond grease, portugal and ireland and potentially italy. this is where we're looking at the european stock markets. off by more than 1% with the paris cac. reasons do with the greek debt crisis. a move away from the partial default. london ftse where banks are affected but not quite so badly as in germany and france up by about quarter of a percent and the losses are 2/3 of a percent for the seger s
Jul 12, 2011 4:00am EDT
could spread to greece and beyond. >> the arrows were all down, a sea of red across asia. the nikkei closed down about 1.4%, mitsubishi and mizuho fell between 1.5 and 2%. bank of japan, 0.2% to 0.4%, from the quake in tsunami that devastated the country in march. hang seng more than 3%. monday moody's raised red flags on the accounting practices of maineland companies practices. the shanghai composite fell 1.7% and rounding out the losses, australia the asx down about 1.9% but one piece of positive news, macarthur coal soared nearly 40% after attracting a billion-dollar takeover bid. i'll have more on that later in the show. >> we'll talk to you in a little bit about that particular topic. charles, as you can see a pretty broad sell-off here in asia and also the same thing in europe. >> absolutely. the third session and those three-month lows for the euro so pretty bleak picture. >>> at the united states a big sell-off on wall street. major averages tumbled, major worries. financial and technology shares were among the biggest losers on monday, bank of america, citigroup, jpmorgan c
Jul 5, 2011 6:00pm PDT
that the transfer of tax moneyrom berlin to greece, ireland, and portugal violates theost fundamental principles of the constitution and parliamentary rule. >> at is the decision facing the country's highest court. i hope thahat judges will declae the rescue package is unconstitutional. >> payments to greece and other countries are not stopped, it is the monetary union that turns into a transfer union and geany will lose its democratic basis. ststate power will go to the monetary union. that must be prevented. >> of the court is being asked to address the bailout for economies. >> if they can no longer decide where the money comes in from taxes, they can no longer exercise the most important right, monetary control. they are elected by citizens to take control of revenues. >> the german government finds itself to be publicly defending the common currency. >> the basic question is, who was parliament adequately involved? they believe the rules are consistent with the constitution. >> the ruling isn't expected for months. >> we ask our political correspondent of the plaintiff's are tapping into ge
Search Results 0 to 49 of about 1,202 (some duplicates have been removed)